First Data, a provider of commerce-enabling technology and solutions, and FleetCor Technologies, a provider of fuel cards, have established a new joint venture (JV) to provide clients with comprehensive set of gift-related offerings.

The new entity has been formed by merging gift card businesses of both companies, which include First Data’s core gift card business, Transactions Wireless, and Gyft, together with FleetCor’s Stored Value Solutions (SVS) prepaid card services and gift card programme management assets.

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Both companies believe that the new business will concentrate on supporting clients with digital gifting needs, from selling gift cards on their own websites, to using gift cards to drive promotions, to selling and reloading gift cards online at gyft.com.

Additionally, the JV will enable clients acquire new customers, reward existing ones, distribute the merchant’s cards digitally, lower the risk of fraud, and reduce the total cost of payment acceptance.

First Data will own 57.5% of the JV, while FleetCor will own 42.5%. The combined revenue of the businesses that are to be contributed to the JV by both companies was $362m in 2016.

First Data chairman and CEO Frank Bisignano said: “We are combining the strengths of both our businesses to give clients the most robust gift offering available.

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“The joint venture will focus on expanding gift card distribution solutions and bringing new value to clients in a competitive and rapidly growing marketplace.”

FleetCor Technologies chairman and CEO Ron Clarke said: “We are delighted to enter into this agreement with First Data. By combining our SVS business with First Data’s businesses, we will be able to serve our clients in a more integrated and more comprehensive fashion.”